Page 62 - Bank-Muamalat-AR2020

60 BANK MUAMALAT MALAYSIA BERHAD About Us Our Leadership Our Strategy
About Us
ANNUAL REPORT FY2020

CONSUMER

BANKING

takings remained strong, contributed Overall Deposits (RM Billion) mosques nationwide. Next, e-Wakaf via
by new deposits acquired from New DuitNow was launched in collaboration
to Bank (“NTB”) and Existing to Bank 19.4 18.8 21.4 with four (4) State Wakaf Management
(“ETB”) customers, while retaining the bodies. Meanwhile, e-Zakat through
existing funds. DuitNow, in collaboration with
seven (7) State Islamic Religious
These deposit strategies will remain Councils, was launched in April 2020.
intact for the following financial Subsequently, e-Qurban through
years. The Bank is committed to DuitNow was launched in July 2020
create outstanding deposit value to enable electronic transactions for
propositions that meet target market FY2018 FY2019 FY2020 qurban purposes, in collaboration
requirements through continuous with 20 selected mosques and
innovative deposit campaigns, Total CASA (RM Billion) Non-Governmental Organisations.
creative marketing productions, new
and improvised financial technology 4.7 5.9 7.8 Going further, in October 2020, the Bank
(“fintech”) development and market engaged in a strategic collaboration
penetration while minimising deposit campaign with EzCab Sdn Bhd
attrition. CASA will be the main focus (“EzCab”) to accept cashless payments
of deposit growth, and is targeted to through Bank Muamalat’s DuitNow QR
reach more than 50% growth in five (5) platform for e-hailing taxi customers.
years’ time, as the catalyst for driving To date, Bank Muamalat has a network
the Bank’s overall deposit position. of nearly 5,000 QR retailers that have
migrated to our DuitNow QR platform.
Performance Review FY2018 FY2019 FY2020
Strategies Moving Forward For
The Bank’s CASA recorded growth The COVID-19 pandemic has Deposits & Payment Services
of 31%, with increase in outstanding also accelerated the Bank’s digital
balance at RM5.9 billion in FY2019 transformation to remain relevant • Enhance a seamless customer
to RM7.8 billion in FY2020. CASA among customers, overcome the experience that is cashless,
growth continues to be the main focus limitations of the new norms, and ubiquitous, and a part of consumer’s
for cheaper cost of funds, as well as contribute to retail deposit growth. day-to-day lifestyles.
for managing the Bank’s liquidity During the year, the Bank’s digital • Fortify the current digitalisation
requirement. Current Account (“CA”) banking platforms, through Retail platform to ensure customers can
grew by 33%, from RM4.4 billion in Internet Banking (“RIB”) and Mobile bank from anywhere with no hassle.
2019 to RM5.9 billion in FY2020. The Banking (“MOB”) recorded 372,149 • Introduce digital products and
growth resulted from acquisition of users and 141,315 users respectively. services for all deposit products
new collection accounts, as well as The number of RIB and MOB to heighten competitive edge;
the support from our existing top subscribers from FY2019 to FY2020 and leverage on faster and wider
corporate depositors. Savings Account increased by 62,508 users and 52,528 coverage.
(“SA”) recorded a growth of 28%, from users respectively. This translates into
RM1.5 billion in FY2019 to RM1.9 20% and 59% increase, as the pandemic • Introduce flexible and modular
billion in FY2020. The increase in environment is moving consumers to product packages whereby customer
savings is partly due to the announced interact more digitally with their banks. can manage and optimise their
moratorium for financing payments The Bank’s DuitNow QR platform accounts at their convenience.
as well as financial assistance from (“DuitNow”) was also optimised • Greater emphasis on customer
the Government during the year. during the year to provide seamless centricity towards matching product
These targeted affected groups, giving and cashless payment solutions with customer demographics,
customers an opportunity to have more to the public. The initiative began building strong bus iness
financial access, without withdrawing with the development of e-Donation relationships, and offering excellent
their existing savings. transactions via DuitNow for nearly 700 personalised service and consultancy.